{
  "docId": "019dd923-622c-750b-8b97-8456188f4be9",
  "docSlug": "3112e2e7b808",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 9,
  "pageCount": 50,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The chart shows a steady, aggressive upward trend in valuation per square meter, contrasting with the narrative of stagnant building quality.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/9",
  "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-9",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "What about the building changed? Apparently, nothing.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b070-877cc27ccdc5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.4,
        "x": 0.55,
        "y": 0.18
      },
      "kind": "chart",
      "text": "Reuchlinstraße's Valuation Doubled in 3.5 Years",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8bf53a5-ffe5-414d-9e11-47812e5c2ad0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "PP Value Eur/Sqm: 93.2%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b070-89b9c61bc0c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "In June 2018, Reuchlinstraße 10-11 had a reported portfolio property value (PP value) of €103 million. By YE 2022, Reuchlinstraße 10-11’s PP value increased to €199 million—93.2% more. What about the building changed? Apparently, nothing. Reuchlinstraße visibly shows insufficient maintenance while its GLA has remained 49,000.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6ab5ed8-d23f-4f32-8e02-e416cb1ec4bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "1 CPI PG Management Report 1H 2018, Pg. 51; 2 CPI PG Management Report 1H 2023, Pg. 20; 3 PP value appears to match the IFRS carrying value... 4 CPI PG Management Report 1H 2018, Pg. 51, Management Report 1H 2023, Pg. 20.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5aed0e22-b25a-4235-91cf-320a51a837af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Reuchlinstraße 10-11: Too Valuable to Be True?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7058160c-9753-4b84-af83-04900cdc5c4d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "d907ff8f-ee9c-4b17-8fde-6a9cf9eec16a",
      "evidence": "The slide shows a before-after comparison of the property value.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "78b75a18-0c4a-4f51-8ff9-83d7ef3c144a",
      "evidence": "The slide explicitly contrasts reported financial valuation growth against physical reality to suggest manipulation.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 18,
      "from": 6,
      "beatId": "5d32f2fb-1829-44ae-8b5a-9e7907b653f2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The deck presents detailed critiques of specific assets, including Reuchlinstraße 10-11, Prague & Warsaw Office Vacancies, and Berlin's Vacancy Issues.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 3,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "399ad4df-4747-4280-859b-7a704a926488",
      "evidence": "The deck presents a series of contradictions and inconsistencies in CPI Property Group S.A.'s valuation practices.",
      "position": 0,
      "objective": "Is CPI Property Group S.A.'s valuation of Reuchlinstraße 10-11 justified?",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}